Shares of Waaree Energies made a strong debut at Dalal Street on Monday as the solar energy player was listed at Rs 2,550, a premium of 69.66 per cent over its issue price of Rs 1,503 on BSE. Similarly, the stock was listed with a premium of 66.33 per cent at Rs 2,500 on NSE over the given issue price.
Listing of Waaree Energies has been below the expected lines. Ahead of its listing, shares of Waaree Energy were commanding a premium of Rs 1,300-1,350 in the unofficial market, suggesting a listing pop of around 90 per cent to the investors. However, GMP stood at Rs 1500-1,550 when the issue was closed for bidding.
The IPO of Waaree Energies was sold between October 21 and October 23. The Mumbai-based company had offered its shares in the fixed price band of Rs 1,427-1,503 per share with a lot size of nine shares. It raised Rs 4,321.44 crore from its IPO, which included a fresh share sale of Rs 3,600 crore and offer-for-sale (OFS) of up to 48 lakh equity shares.
The issue was overall subscribed a solid 76.34 times, thanks to the strong interest from qualified institutional bidders (QIBs), whose quota was booked a stellar 208.63 times. The allocation for non-institutional investors (NIIs) was booked 62.49 times. The portions retail investors and employees were subscribed 10.79 times and 5.17 times, respectively during the bidding process.
Waaree Energies, incorporated in December 1990, is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.
Brokerages had a positive view on the issue and suggested subscribing to it. Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital were the book running lead managers of the Waaree Energies IPO, while Link Intime India served as the registrar for the issue.